Hurd to be paid $950,000 with potential $10m bonus by Oracle

If he was worried that leaving HP might have left him out of pocket then Mark Hurd, the newly announced co-president of Oracle can breathe easy as the generous terms of his salary with his new employer became public.

Hurd will earn a salary of $950,000 with an option to earn up to a $10m bonus in the current fiscal year. It might not quite match the $30.3m he took in from HP in the last financial year but it's probably enough to keep the wolves from the door.

There is also still a multi-million dollar severance package that could go as high as $35m potentially heading his way.

The letter containing the offer has been made public in an SEC filing by Oracle. It added that as well as the compensation package Hurd would be standing for election to the board next month.

Hurd has also been given the option to buy stocks in Oracle, which would of course add to his earning potential.

"Conditioned upon your acceptance of this offer and commencement of employment at Oracle, the Compensation Committee of the Board of Directors has given approval to grant you a stock option ("Option") to purchase 10,000,000 shares of common stock at its first meeting following your hire date," the letter stated.

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